Types of Bankruptcy with a Bankruptcy Lawyer Piqua OH

One of the challenges of life often involve financial issues. The difficulty of making enough money to keep debt current may prove impossible. If you are suffering through a financially challenging time, consider retaining the services of a bankruptcy lawyer Piqua OH state area.

The legal status which allows individuals assistance with financial matters is known as bankruptcy. There are various types of bankruptcy to consider and two of the most common are for the individual and the business.

What is Chapter 7 Bankruptcy?

If an individual is not capable of paying his or her debt, Chapter 7 bankruptcy should be considered. This is the most commonly chosen bankruptcy and this is due to the simplicity of achieving it.

There are certain requirements that must be met before this bankruptcy can be obtained. These include the salary of the person applying for bankruptcy and proof of the salary. The amount of monthly expenses for the individual, which may include food, rent and clothing. Also, the amount of debt that is owed to creditors and the name of the creditor. These should be listed individually along with the amount owed to each.

By completing the items listed above this will assist in securing this status with the assistance of a bankruptcy lawyer Piqua OH state location. This specialized attorney will be capable of answering any question regarding filing for this legal status.

What is a Chapter 11 Bankruptcy?

The challenges of being a business owner are never ending. Keeping the business operational may require assistance at some point. When finances are low, but expectations are high, consider filing for the status of a Chapter 11 bankruptcy.

This will allow the business to continue the day-to-day operations, but will receive the benefits that accompany this type of bankruptcy. This is also referred to as the reorganization bankruptcy because this will allow the business to regroup and obtain a new business plan.

The debt of the business may be restructured to assist with lower payments and allow the business more working capital.

Finally, rely on the expertise offered by Shipman Dixon & Livingston when it comesto the success of completing any type of bankruptcy. The peace of mind that accompanies having little or no debt is certainly worth the effort involved.

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